The following information is available regarding Grace Smit's capital account in Enterprise Consulting Group, a general partnership, for a recent year: Beginning of the year balance Share of partnership income $38,000 $12,500 Withdrawals made during the year $7,600 What is Smit's partner's return on equity during the year in question? A. 12.9% B. 12.1% C. 46.9% D. 30.9% E. 29.1%

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...
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The following information is available regarding Grace Smit's
capital account in Enterprise Consulting Group, a general
partnership, for a recent year:
Beginning of the year balance
Share of partnership income
$38,000
$12,500
Withdrawals made during the year $7,600
What is Smit's partner's return on equity during the year in
question?
A. 12.9%
B. 12.1%
C. 46.9%
D. 30.9%
E. 29.1%
Transcribed Image Text:The following information is available regarding Grace Smit's capital account in Enterprise Consulting Group, a general partnership, for a recent year: Beginning of the year balance Share of partnership income $38,000 $12,500 Withdrawals made during the year $7,600 What is Smit's partner's return on equity during the year in question? A. 12.9% B. 12.1% C. 46.9% D. 30.9% E. 29.1%
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